MIRA INFORM REPORT

Report Date :

20.03.2007

IDENTIFICATION DETAILS

Name :	SAKAL PAPERS LIMITED
Registered Office :	595, Budhwar Peth, Pune – 411 002, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	16.02.1948
Com. Reg. No.:	25-6177
CIN No.:	U22121MH1948PL006177
Legal Form :	Closely held Public Limited Liability company
Line of Business :	Printing and Publishing of newspapers.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 2000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed publishers of “SAKAL” newspapers. Available information indicates high financial responsibility of the company. Financial position is good. Payments are always correct and as per commitments. The company can be considered good for normal business dealing at usual trade terms and conditions.

LOCATIONS

Registered Office :	595, Budhwar Peth, Pune – 411 002, Maharashtra, India
Tel. No.:	91-20-24455500/24455501/24455588/24455500
Fax No.:	91-20-24450583
E-Mail :	sakal@giaspn01.vsnl.net.in, corporate@esakal.com
Website :	http://www.esakal.com
Administration Office :	154, Jerbai Wadia Road, Behind Tata Hospital, Parel, Mumbai – 400012, Maharashtra, India.
Press :	595, Budhwar Peth, Pune – 411 002, Maharashtra, India
Tel. No.:	91-20-24455500/24455501/24455588/24455500
Fax No.:	91-20-24450583
E-Mail :	sakal@giaspn01.vsnl.net.in
Branches :	Located at: Ø Plot No-42, Sector 11, CBD Belapur, Mumbai – 400 614, Maharashtra, India. Tel No. 91-22-27572960/27572961 Ø D-4, MIDC, Shiroli, Kolhapur – 416 122, Maharashtra, India. Tel No. 91-231-2468383/2468384 Ø Plot No-32, MIDC, Satpur, Nasik – 422 007, Maharashtra, India. Tel No. 91-253-2350066/2350993

DIRECTORS

Name :	Ms. Lila Claude Parulekar
Designation :	Director
Address :	4-A Queens Garden, Pune – 411001, Maharashtra
Date of Birth/Age :	31.01.1936
Date of Appointment :	06.09.1977
Name :	Mr. Chandrashekhar Hari Joshi
Designation :	Director
Address :	27/B Budhwar Peth, Siddharth Chamber, Pune – 411002, Maharashtra
Date of Birth/Age :	01.05.1946
Date of Appointment :	21.02.1985
Name :	Mr. Pratap Govind Pawar
Designation :	Managing Director
Address :	Plot No. 2, Survey No. 131/1 Aundh, Pune – 411007, Maharashtra
Date of Birth/Age :	15.10.1944
Date of Appointment :	21.09.1985
Name :	Mr. Yeshwant Vishnu Chandrachud
Designation :	Chairman cum Managing Director
Address :	7-B, Samata Apartment, General Bhosale Marg, Mumbai – 400023, Maharashtra
Date of Birth/Age :	12.07.1920
Date of Appointment :	21.09.1985
Name :	Mrs. Supriya Sadanand Sule
Designation :	Director
Address :	House No. 2, First Floor, Silver Oak Estate, Desai Road, Bhulabai Desai Road, Mumbai – 400026, Maharashtra
Date of Birth/Age :	30.06.1969
Date of Appointment :	30.12.1996
Name :	Mr. Abhijit Pratap Pawar
Designation :	Director
Address :	Plot No. 2, Survey No. 131/1 Aundh, Pune – 411007, Maharashtra
Date of Birth/Age :	17.02.1972
Date of Appointment :	30.12.1996
Name :	Mrs. Vijaya Mohan Patil
Designation :	Director
Address :	Anand Residency Flat No. 3, Second Floor, Plot No. 74-75, First Lane, Aundh, Pune – 411007, Maharashtra
Date of Birth/Age :	08.02.1958
Date of Appointment :	01.01.2005
Name :	Mr. Shrikrishna Narhar Inamdar
Designation :	Director
Address :	2A, Ameya Apartment, Near Kirti College 1193 B Kashi Dharu Marg, Mumbai – 400028, Maharashtra
Date of Birth/Age :	06.05.1945
Date of Appointment :	22.06.2005
Name :	Mr. Jasdeep Singh Bedi
Designation :	Director
Address :	A-2, 501/601 Kalpataru Enclave, D p Road, Opp. Hotel Shivsagar, Pune – 411007, Maharashtra
Date of Birth/Age :	06.06.1972
Date of Appointment :	01.09.2005
Name :	Mr. Mahendra Singh Garcha
Designation :	Director
Address :	46 Anand Park, Pooja Heritage, Flat No. 4, Second Floor, Street No. 3, Auindh, Pune – 411007, Maharashtra
Date of Birth/Age :	14.03.1964
Date of Appointment :	01.09.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Late S. G. P. Parulekar	560
Lila Claude Parulekar	2,396
Pratap Govind Pawar	50
Yashad Hospital Private Limited	2,726
Modular Finance and Consultancy Private Limited	5,999
Namrata Film Enterprises Private Limited	2,100
Lap Finance and Consultancy Private Limited	58
Pratap Govind Pawar & Modular Finance and Consultancy Private Limited	50
Panhala Investment Private Limited	5,000
Temblai Investment Private Limited	3,776
Chandrashekhar Hari Joshi	1,317
Abhijit Pratap Pawar	968
TOTAL	25,000

BUSINESS DETAILS

Line of Business :

Printing and Publishing of newspapers.

Products :

Product Description	ITC Code
Printing and Publishing of Newspaper	NA

Imports from :

Europe and U.S.A

Terms :

Purchasing :

L/C and Credit terms.

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Electricity	MW	0.92
Wind Turbine Generator	KW	230

The company’s installed capacity were as under:

Name of Machine	No of Units	Capital per hour per unit copies of 4 std pages of size 58cms * 41 cms
Goss Suburban	1	14000
Harris N-400 (B)	4	40000
New Line -45	18	45000
New Line -45	6	45000
New Line -45	6	45000
Harris V-15D	4	45000
Harris V-15D	4	45000
Coroset	4	4000
Coroset	5	40000
Newsline -45	6	40000
Hiline	1	45000
Orient	1	36000
Orient	1	36000
Harris N-4 co(B)	6	36000
Harris V-30	4	45000

GENERAL INFORMATION

Bankers :

Ø The United Western Bank Limited, Pune, Maharashtra, India

Ø Bank of Maharashtra, Shivaji Nagar, Pune, Maharashtra, India.

Ø Suvarna Sahakari Bank Limited

Ø Cosmos Co-operative Bank

Ø Bank of Maharashtra- Lead Bank, Industrial Finance Branch, F.C. Road, Pune-411005, Maharashtra, India.

Facilities :

Secured Loans (Rs. in millions) :

Borrowings from Scheduled Bank
Cash Credit	63.305
Short Term Loan	101.922
Term Loan from Scheduled Banks :	0.008
Total	165.235

Unsecured Loans :

Fixed Deposits	32.680
Short term Loan and Advances	Nil
From Shareholders	Nil
Others	Nil
Total	32.680

Banking Relations :	Good
Auditors :	G. M. Oka & Company Chartered Accountants
Address :	32, Swapna Nagri, Karve Road, Pune – 411 004, Maharashtra, India
Tel. No.:	91-20-30287900/30287500
Fax No.:	91-20-25440143
E-Mail :	gmoka@vsnl.com
Associates/Subsidiaries :	v Ajay Metachem Private Limited v United Metachem Private Limited v Ojas Engineering Private Limited v Modular Finance & Consultancy Private Limited v Gomantak Private Limited v Wikas Electrical & Ceramic Products Private Limited v A P Holding Private Limited v Stamford Warchonologies Developers Private Limited v D S L Ventures Private Limited v Octon Technologie Private Limited v Yashad Hospital Private Limited v Supriya Holding Private Limited v Lap Finance & Consultancy Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs.100/- each	Rs.2.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		715.325	495.312	415.739
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		717.825	497.812	418.239
LOAN FUNDS
1] Secured Loans		376.303	165.235	119.104
2] Unsecured Loans		31.442	32.680	33.946
TOTAL BORROWING		407.745	197.915	153.050
DEFERRED TAX LIABILITIES		17.322	22.857	20.076
TOTAL		1142.892	718.584	591.365
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		366.852	318.830	252.232
Capital work-in-progress		0.463	0.120	0.000
INVESTMENT		7.819	2.119	2.119
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	79.177	94.287
	Sundry Debtors	509.285	416.355
	Cash & Bank Balances	94.322	67.407	615.461
	Other Current Assets	261.352	206.228
	Loans & Advances	170.860	59.544
Total Current Assets		1114.996	843.821	615.461
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities & Provision	347.238	446.306	278.447
		0.000	0.000
Total Current Liabilities		347.238	446.306	278.447
Net Current Assets		767.758	397.515	337.014
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1142.892	718.584	591.365

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		1861.990	1589.119	424.907
Other Income		213.622	96.260	1054.692
Total Income		2075.612	1685.379	1479.599
Profit/(Loss) Before Tax		314.127	122.658	150.850
Provision for Taxation		94.066	47.781	(1.628)
Profit/(Loss) After Tax		220.061	74.877	149.222
Imports :
	Capital Goods	NA	1.953	Nil
	Others	NA	80.219	106.968
Total Imports		NA	82.172	187.187
Expenditures :
	News Gathering Expenses	NA	NA	32.191
	Raw Material Consumed	934.772	787.553	657.984
	Salaries, Wages, Bonus, etc.	288.621	249.625	197.904
	Managerial Remuneration	6.607	5.122	NA
	Payment to Auditors	0.584	0.522	NA
	Interest	29.900	10.126	5.756
	Insurance Expenses	4.287	4.777	NA
	Bad Debts Written Off	NA	NA	6.009
	Power & Fuel	18.832	17.628	NA
	Depreciation & Amortization	82.409	69.551	64.946
	Other Expenditure	395.473	417.818	263.834
Total Expenditure		1761.485	1562.722	1228.624

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	10.60	4.44	10.19
Net Profit Margin (PBT/Sales)	(%)	15.13	7.28	16.96
Return on Total Assets (PBT/Total Assets}	(%)	21.20	10.55	28.92
Return on Investment (ROI) (PBT/Networth)		0.44	0.25	0.60
Debt Equity Ratio (Total Liability/Networth)		1.05	1.29	1.03
Current Ratio (Current Asset/Current Liability)		3.21	1.89	2.21

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

During the year, although income from circulation and advertisement has shown a marginal growth, whereas in the operating expenses, the cost of Newsprint & other material have increased substantially which has impacted the profitability of the company. The company has initiated various measures to control the expenses, which may give better result in the coming years. To make its presence and garner share of subscription of various publication the company had incurred a promotional expenses the benefit of which would be reaped in the coming years.

In addition to above, the company had to pay a compensation as per Supreme Court order to the tune of Rs. 30.000 millions, which has adversely effected the profitability.

AGRO WON:

The company started printing and publishing of a daily Agro Won from 20^th April, 2005. This publication is specifically targeted at the readers from Agricultural segment. The average print order is 74,721 copies per day. The response from readers is appreciable.

NEWSPRINT:

During the year under report, the newsprint in India witnessed an increase in price. The company was able to negotiate with its suppliers to bring the impact down to some extent. Inspite of substantial increase in print order and page level, cost of newsprint for the year, under report was on a higher side compared to the previous year.

LEGAL MATTERS:

Civil Suit nos. 225 and 226 of 1998 file in the court of learned Civil Judge senior Division, Pune by Madeame Parulekar & Ms C L Parulekar

In view of the judgment of The Honble supreme court 18.03.2005 the two pending being civil suit nos. 1998 respect 3417 shares and civil suit No. 226 of 1988 in respect of 93 shares in the court judge

Fixed assets

The company's fixed assets of important value include land, leasehold land, buildings, plant & machinery, furniture & fixtures, motors cars and vehicles, office equipment’s, etc.

Form 8 Particular for creation or modification of charges

Corporation identity number or foreign company registrations number of the company	U22121MH1948PL006177
Name of the company	SAKAL PAPERS LIMITED
Address	595, Budhwar Peth, Pune – 411 002, Maharashtra, India
This Form is for	Modification of charge
Type of Charges	Hypothecation
Particular of the charge holder	Bank of Maharashtra- Lead Bank, Industrial Finance Branch, F.C. Road, Pune-411005, Maharashtra, India.
Amount Secure by the charge	Rs.175.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Int.: as determined by Banks from time to time. Entire loan amount with interest to be repaid in five years. Term Loan plus interest to be paid as and when due/applied commencing from April/May 1997.
Particulars of the Property charged	Whole of the current assets of the company’s factories, premises, godowns at Pune or elsewhere.
Brief description of the instrument modifying the charge under Section 135	Supplemental working capital consortium agreement Deed of modification to the joint and composite deed of hypothecation Supplemental interest agreement
Particulars of present modification	Rearrangement of finance. The limits reduced by UWB to Rs.348.450 millions and Cosmos Bank has increased its limits to Rs.157.5 millions. Thus total limits stands reduced to Rs.954.450 millions from Rs.987.5 millions.

Name of the Company	SAKAL GROUP OF PUBLICATIONS
Presented By	Bank of Maharashtra
1) Date and description of instrument creating the change	Deed of Hypothecation of Plamag machine dated 11.5.72
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.400 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Plamag Machine Worth Rs. 2.040 Millions
4) Gist of the terms and conditions and extent and operation of the charge.	Payable on Demand Rate of Interest – 6% OBR minimum 12%
5) Name and Address and description of the person entitled to the charge.	Bank of Maharashtra, 1177, Bhuhwar Peth, Poona – 2
6) Date and brief description of instrument modifying the charge	Nil
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Nil
Name of the Company	SAKAL GROUP OF PUBLICATIONS
Presented By	Bank of Maharashtra
1) Date and description of instrument creating the change	Deed of hypothecation of book debts over 180 days 11.5.72
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.400 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	hypothecation of book debts over 180 days
4) Gist of the terms and conditions and extent and operation of the charge.	Payable on Demand Margin – 25% Rate of Interest – 6% OBR minimum 12%
5) Name and Address and description of the person entitled to the charge.	Bank of Maharashtra, 1177, Bhuhwar Peth, Poona – 2
6) Date and brief description of instrument modifying the charge	Nil
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Nil
Name of the Company	SAKAL GROUP OF PUBLICATIONS
Presented By	Bank of Maharashtra
1) Date and description of instrument creating the change	By agreement 8.1.62 Hypothecation of printing machinery for Rs. 1.000 Millions
2) Amount secured by the charge/amount owing on the securities of charge	Original Limit Rs. 1.000 Millions accommodation of Cash Credit Limit
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Printing and other machinery spares, new print and other printing materials stored or lying at 595, Budhwar peth, Pune
4) Gist of the terms and conditions and extent and operation of the charge.	Interest to be charged on the daily overdrawn balance @ 18% Margin – 25%
5) Name and Address and description of the person entitled to the charge.	The United Western Bank Limited, Pune, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Agreement for cash credit hypothecation of machinery dated 29.06.1983
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Cash Credit limit increased from Rs. 1.000 Millions to Rs. 2.350 Millions Original Limit of Rs. 1.000 Millions to Rs. 1.300 Millions on 23.9.68 Oertified by R O C on 3.12.68 Modification Limit of Rs. 1.300 Millions to Rs. 1.800 Millions on 31.1.70 Oertified by R O C on 15.6.70 Modification Limit of Rs. 1.800 Millions to Rs. 2.100 Millions on 29.8.80 Oertified by R O C on 24.9.80 Modification Limit of Rs. 2.100 Millions to Rs. 2.300
Name of the Company	SAKAL GROUP OF PUBLICATIONS
Presented By	Bank of Maharashtra
1) Date and description of instrument creating the change	24.5.89
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	New print and other related Raw Materials
4) Gist of the terms and conditions and extent and operation of the charge.	16.5%
5) Name and Address and description of the person entitled to the charge.	Bank of Maharashtra, 1177, Bhuhwar Peth, Poona – 2
6) Date and brief description of instrument modifying the charge	Not Available
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Available
Name of the Company	SAKAL GROUP OF PUBLICATIONS
Presented By	Bank of Maharashtra
1) Date and description of instrument creating the change	Deed of Hypothecation of plant & mach nary for Rs. 1.000 Millions dated 27.06.1986
2) Amount secured by the charge/amount owing on the securities of charge	Rs.1.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Harris web off – set machine
4) Gist of the terms and conditions and extent and operation of the charge.	Margin – 25% Limit – Rs. 0.200 Millions Interest –above bank rate or 15%
5) Name and Address and description of the person entitled to the charge.	Bank of Maharashtra, 1177, Bhuhwar Peth, Poona – 2
6) Date and brief description of instrument modifying the charge	Not Available
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Available

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.43.66
UK Pound	1	Rs.85.91
Euro	1	Rs.58.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions